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HSBC to expand network

(China Daily)
Updated: 2008-08-22 09:11

Customers walk out of the HSBC North Star sub-branch near the Bird's Nest in the file photo taken in Beijing. HSBC will open new branches in Zhengzhou and Ningbo in a move that underpins the bank's confidence in China's long-term growth prospects amid global market concerns, HSBC China President and CEO Richard Yorke said.[China Daily]

HSBC will open new branches in Zhengzhou and Ningbo in a move that underpins the bank's confidence in China's long-term growth prospects amid global market concerns, HSBC China President and CEO Richard Yorke said.

"While the remainder of 2008 will be challenging for the global financial markets, China is one of the few markets that will continue the growth momentum," he said.

Yorke was in Beijing for the Games, which provided him with an opportunity to meet with many of HSBC's international clients.

"HSBC's international customers, both corporate and personal, have been very pleased with the efficiency of the host city and I believe that the Games will have a lasting positive effect on China's development," he said.

To provide added support during the competition, the bank opened its North Star Sub-branch on Aug 3, which is the closest international bank outlet to the Bird's Nest.

Yorke said that like the National Stadium and other Olympic facilities, the sub-branch - which is dedicated to providing wealth management services - will continue to serve the capital's increasingly prosperous population long after the torch is extinguished.

HSBC China, which became a locally incorporated bank in April 2007, currently has the largest network among foreign banks in China with 73 outlets in 17 cities.

Yorke said the bank expects to expand its network to around 80 outlets this year, with new branches planned to open in the cities of Ningbo and Zhengzhou during the fourth quarter of this year.

"The Olympics are rightly seen as a milestone in China's development, and it is an honor for me to be able to witness this historical moment. We have no doubt that China will be moving faster, stronger and higher for many more years to come," Yorke said.